Incomes that should be declared
Here are some of the incomes that assessee should not forget to declare:
1. Interest earned from savings bank account (maximum exemption is Rs 10,000, but it should be declared first)
2. Interest earned from fixed deposit
3. Interest earned from recurring deposits
4. Cash Gifts (more than Rs 50000 should be declared as they are taxable, except in case of marriage)
5. Capital Gains or Losses(from trading equities, selling mutual funds, gold, etc., should be declared even if they are non taxable and losses should be declared as they help in offsetting gains in subsequent years)
6. Exempt Income(should be declared for auditing purpose only)
7. Dividend Income(should be declared while filing income tax by investor)
2 Comments
Want to know the details of interest on savings account, interest on fixed deposits and interest on Recurring deposits.
Interest on savings account is exempt up to Rs10,000 from this Assessment year onwards. Interest on fixed deposits is taxable under head income from other sources. Interest on recurring deposits is also taxable under income from other sources. In case of interest on fixed deposits, if interest is more than Rs10000 then only TDS will be deducted but in case of recurring deposits no TDS will be deducted.